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Analysis: New law on BP spill fines raises stakes for Gulf states

Reuters
--
U.S. Gulf Coast states have a higher stake in the amount of money the U.S. government can wring out of BP Plc for the 2010 Deepwater Horizon oil spill due to a new law that would divert billions of dollars in potential BP fines to them.

The RESTORE Act, signed by President Barack Obama on July 6, directs that 80 percent of Clean Water Act penalties paid by BP be placed in a new trust fund for restoration efforts in the five coastal states damaged by the worst U.S. offshore oil spill: Louisiana, Alabama, Mississippi, Florida and Texas.

BP faces billions of dollars in civil and criminal penalties from the April 20, 2010, explosion aboard the Deepwater Horizon rig, which killed 11 rig workers and unleashed 4.9 million barrels of oil that soiled the shorelines of four Gulf Coast states.

I keep reading responses from folks who say "leave BP alone, accidents happen, etc." Obviously they are not from the gulf coast or haven't seen the real impact of the oil spill. BP was blatantly negligent as was Halliburton. Not only should they pay restitution, they should should face punitive damages high enough to make them change policies and culture. I say hit them $100 billion dollars and make them think twice about disregarding common sense and risking more damage to the environment.

Wow, now there’s an idea . . . but not a good one. The Deepwater Horizon was an ‘accident’ waiting to happen. It is hard to call it an accident when it was largely due to incompetence and mismanagement. Profit first, Safety last was the motto.

blah blah blah means people making claims to get ten times what their businesses were worth or would bring in during a great year. blah blah blah blah means driving a competittor out of business so another american company can buy their holdings on the cheap.yes the oil rig workers and their families should be paid restitution plus a life long stipen for the ones who lost their provider. blah blah blah means but i think bp has went above and beyond taking care of their responsibility for the spill and hopefully all of big earl will learn from their mistakes .